Canaccord cuts PT on Australia's Hastings Tech on Yangibana capex revision

Hastings Technology Metals

03/03/2023 03:16

** Analysts at Canaccord Genuity slash price target to
A$4.50 from A$7.60 on Australia's Hastings Technology Metals
 HAS.AX  
    ** Cuts PT by 41% on the back of capex estimates and risk
related to it
    ** HAS on Feb. 27 provided an update regarding the Yangibana
rare earths project in Western Australia saying that it had
already made A$146 million($98.40 million) contractual
commitments for the project
    ** Brokerage estimates upfront capital expenditure for the
project of A$810 mln compared to co's Feb update of A$658 mln
    ** Canaccord retains 'speculative buy' rating, noting that
in spite of expected capex increases, Yangibana remains one of
the world's most advanced RE projects 
        ** HAS down 3.1% on Friday; up 1.2% this year as of last
close 
  
    

($1 = 1.4837 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))